Michele Bachmann: “I want to bring before the body this morning an issue that needs more attention, not less, and that is the issue of the…”

“I want to bring before the body this morning an issue that needs more attention, not less, and that is the issue of the huge blob that ate the American Dream called the alternative minimum tax. One thing that we are seeing is that the alternative minimum tax, Madam Speaker, is set to rise at a level so unprecedented that the American economy has not experienced anything like this in the last 40 years. Right now, the tax burden for the average American and to the economy is about 18.5 percent of GDP. If we don't scale back on the alternative minimum tax, we are looking at the tax burden of GDP being almost 24 percent by mid-century. We have never seen this level of taxation in our GDP. This means this money will come out of the pockets of the American taxpayer and will go into the coffers of the Federal Government. This is a big concern, Madam Speaker, one that I am very concerned about, as I know most of the Members in this Chamber are as well. In 1969, when the alternative minimum tax came in, it was 155 people. I will close with the fact that this year we are looking at 23 million Americans impacted.”